Delhi

North East

CC/123/2018

Mr. Karun Kumar Singhal - Complainant(s)

Versus

M/s Unitech Limited - Opp.Party(s)

24 Sep 2019

ORDER

 DISTRICT CONSUMER DISPUTES REDRESSAL FORUM: NORTH-EAST

GOVT. OF NCT OF DELHI

D.C. OFFICE COMPLEX, BUNKAR VIHAR, NAND NAGRI, DELHI-93

 

Complaint Case No. 123/18

 

In the matter of:

 

	Shri Karun Kumar Singhal & Anr S/o Shri Gautam Muni Singhal R/o C-3/77, Sector-31 Noida, Gautam Buddha Nagar Uttar Pradesh-201301	Complainants
	Versus
	M/s Unitech Limited Through its Director Regd. Office: 6, Community Centre Saket, New Deilhi-110017	Opposite Party

 

DATE OF INSTITUTION:     JUDGMENT RESERVED ON:               DATE OF DECISION :

07.07.2018 24.09.2019 24.09.2019

 

 

N.K. Sharma, President

Ms. Sonica Mehrotra, Member

 

Order passed by Ms. Sonica Mehrotra, Member

 

ORDER

1. Succinctly put, facts giving rise to the present complaint are that pursuant to a Fixed Deposit Scheme launched by OP in 2012 wherein the OP had announced acceptance of fixed deposit with lucrative interest rate, the complainants, allured by the said scheme in desire to augment their income earned from livelihood, deposited a sum of Rs. 3,50,000/- on 27.07.2013 with OP in the said scheme and OP issued FDR no. 1231793 dated 06.08.2013 for the deposit made on 27.07.2013 with date of maturity 27.07.2016 and maturity amount payable @ 12.50 % on the said amount amounting to Rs. 5,08,260/- payable on maturity. As per the terms and conditions of the FDR, complainants vide letter dated 18.10.2016 to OP requested for release of payment of maturity amount of the said FDR furnishing the requisite bank detail to OP to facilitate transfer of the maturity value. However, despite the receipt of the said letter on 20.10.2016 and reminder letter dated 14.06.2017 by complainants asking the OP to remit the maturity amount by way of RTGS / NEFT, OP failed to release the maturity value of the FD. Therefore, complainant, alleging deficient financial service rendered by OP and unfair trade practice on its part which has caused agony, pain, hardship and anxiety to the complainants apart from financial loss, the complainants were constrained to file the present complaint against the OP praying for issuance of direction for release of the maturity amount of the FDR i.e.  Rs. 5,08,260/- alongwith interest @ of 12.50% from the date of maturity till realization and also  compensation of Rs. 1,00,000/- for harassment, anxiety and agony.
2. Complainants have attached copy of FDR receipt no. 1231793 dated 06.08.2013, copy of letter dated 18.10.2016 alongwith postal receipt and tracking report of delivery and  copy of letter dated 14.06.2017 to OP  as reminder to pay the FDR maturity value with CC marked to CLB.
3. Notice was issued to the OP on 09.07.2018 which was served on 24.07.2018 however none appeared on its behalf and therefore proceeded against ex-parte vide order dated 04.12.2018.
4. Complainant filed ex-parte evidence by way of affidavit and written arguments in reiteration of their grievance against the OP.
5. We have heard the arguments advanced by counsel for complainant and perused the documents relied upon/ filed by alongwith complaint.

In absence of rebuttal by OP due to its willful non appearance despite receipt of notice, no defence has come forth from OP for declining / refusing disbursal of the maturity value of the FDR.The Hon'ble National Commission in Roop Krishan Khanna Vs State Bank of India I (2016) CPJ 171 (NC) directed in a similar case of non release of FDRs by respondent bank that the said FDRs be returned with the maturity value alongwith interest w.e.f. maturity of the FDR. The Hon’ble National Commission in Navodaya Urban Co-operative Bank Ltd and Ors Vs Vimal and Anr IV (2017) CPJ 70 (NC) in a similar case where the bank had disallowed the complainant to withdraw the maturity amount of FDR had held the bank deficient in service and non appearance of the bank was construed as amounting to admission of allegation made in consumer complaint against the bank. The Hon’ble National Commission further observed that the complainant / consumer cannot be made to suffer for acts of omission and commission made by bank which has used money deposited by complainant in form of FDR for a considerable period of time and consumer has every right to demand and get back his hard earned money from bank for which he cannot be deprived of wrong doings on part of bank.

6. Following the above said case laws and the observation made by the Hon’ble National Commission, we allow the present complaint and direct OP to release the FDR maturity value of Rs. 5,08,260/- alongwith penal interest @ 6% from the date of filing of the complaint till realization. We further direct OP to pay compensation of Rs. 2,000/- towards harassment, agony and anxiety and Rs. 1,000/- towards cost of litigation. Let the order be complied by OP within 30 days from the date of receipt of copy of this order. 
7.  Let a copy of this order be sent to each party free of cost as per regulation 21 of the Consumer Protection Regulations, 2005.
8.   File be consigned to record room.
9.   Announced on  24.09.2019

 

(N.K. Sharma)     President

(Sonica Mehrotra)  Member